![]() ![]() You can view a list of all property tax exemptions by state and disability percentage here. ![]() These breaks, which are usually tied to a specific disability rating, can help a Veteran save thousands of dollars. Every state’s revenue website outlines state benefits for Veterans and how to apply for them.ĭisabled Veterans can qualify for property tax exemptions at the state level.Military retirement pay may be taxed differently in different states.Many states offer property tax exemptions and other benefits for disabled Veterans.Benefits are often transferred to a spouse or surviving spouse of honorably discharged Veterans.State benefits usually include exemptions on property taxes, according to value.States typically offer tax benefits only to Veterans who were honorably discharged or released from active duty under honorable circumstances.Note that if you had a recent increase in your disability rating or were granted combat-related special compensation, you may be eligible for a tax refund, but this can only be applied to the year VA reassessed your disability level. Payments made under the compensated work therapy program.Money paid to a survivor of a member of the armed forces who died after Sept.Benefits under a dependent-care assistance program.Interest from VA life insurance policies.Disability benefits received from VA, such as disability compensation, pension payments and grants for home modifications, are not taxable.Veterans education benefit payments received through VA for education and training are tax-free.Premiums for the Survivor Benefit Plan are excluded from taxable income.Military retirement pay is taxable as federal income tax and is not considered earned income for Social Security tax purposes.And don’t forget: Tax advice that applies to civilians can benefit you too. Here’s a summary of some of the key tax benefits for military Veterans provided by accountant and tax expert Lisa Greene-Lewis of TurboTax. It’s important to file your taxes before this year’s April 18 deadline and be aware of the benefits that apply to you. As a Veteran, you may be eligible for certain tax benefits under the tax code. ![]()
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